Chinese take No. 1 in online shopping
Print Edition
CHINA leads emerging countries in online shopping as a Credit Suisse survey showed that over 65 percent of Chinese consumers said they have made purchases online during the past six months.
In contrast, the other eight countries — Brazil, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa and Turkey — garnered below 40 percent, according to the survey of 16,000 consumers from the nine countries.
More than 70 percent of young Chinese consumers below the age of 30 years old shopped online, the survey found.
This is higher than a reading of below 45 percent in other countries.
However, the survey showed the growth momentum of Chinese consumption was not as strong as other countries such as India where 32 percent of respondents have used the Internet for online shopping, up from 20 percent in 2013.
On overall consumer sentiment, China dropped from first spot in last year’s scorecard to fifth this time, hammered by the economic slowdown. India took the top position followed by Brazil, Indonesia and Saudi Arabia.
Russia and South Africa were the worst hit by commodity and currency volatility, according to Credit Suisse analysts.
“The survey shows the contrasting impact of the oil price collapse on emerging markets,” said Giles Keating, Credit Suisse’s global head of research for private banking and wealth management.
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